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Insurance next on royal commission’s hit list

Insurance next on royal commission’s hit list

insurance, life insurance, application

The financial services royal commission has announced that its next round of hearings will target the insurance industry, although SMEs may have limited scope to air their gripes with the sector.

Round six of public hearings will take place in Melbourne between Monday, 10 September and Friday, 21 September.

These hearings will explore three core topic areas:

  • Life insurance
  • General insurance
  • The regulatory regime

At this stage, it is currently unclear whether common insurances for SMEs and their operators – including business interruption and income protection – will form part of the proceedings.

The commission has revealed it will hear case studies from the following insurers:

  • AMP
  • ClearView
  • CommInsure
  • Freedom Insurance
  • REST
  • TAL
  • AAI (Suncorp)
  • Allianz
  • IAG
  • Youi

It will also hear from the Code Governance Committee, Financial Services Council and the Insurance Council of Australia specifically in regards to regulation and industry oversight.

Business owners seeking to appear at the hearings to present their own experiences can do so through the royal commission’s website, no later than 5pm this Friday, 31 August.

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This is expected to be the last round of hearings to focus on particular aspects of banking and financial services, with round seven – scheduled to take place in late November – to explore policy questions arising from the previous hearings.

 

Insurance next on royal commission’s hit list
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